Oil prices drop with most Asian markets closed for holidays

HONG KONG (AP) — Oil prices fell Monday after the OPEC+ group of oil producing nations said it plans to increase output. U.S. futures fell U.S. benchmark crude oil sank $1.72 or 3% to $56.57 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost $1.66 to $59.63 per barrel. During the weekend, the OPEC+ group of eight nations announced it will raise its output by 411,000 barrels per day as of June 1, stepping up production increases. The group said strong fundamentals were behind the decision, though analysts also speculated that it…